Haripur El Paso Barge Mounted Power Plant

active

Haripur El Paso Barge Mounted Power Plant is a 115 MW project located in Haripur. The NEPC consortium signed a 15-year power purchase agreement with Bangladesh Power Development Board in October of 1998. El Paso Corporation owned 50% of the project, Ogden 45% and Wartsila 5%. The project construction started in August 1998 using developers' equity. OPIC provided a US$87 million loan to NEPC in 1998 and US$65 million in insurance to the NEPC consortium in 1999. In 2005, El Paso Corporation sold its 50% stake in the NEPC consortium to Globeleq, a subsidiary of UK-based private equity firm, CDC Group plc. On Nov. 21, 2007, Globeleq sold its 50% holding in NEPC to Pendekar Energy Limited, a consortium in which Malaysian-based Tanjong had a 55% holding and Al Jomaih Holding Co. of Saudi Arabia had a 45% stake.